Fracc margins slip, Drill & Eval. margins jump
4Q17 EPS of $0.53 beat consensus/AE at $0.47, with the beat driven by stronger Drilling & Evaluation margins, as international markets posted sequential growth, including higher year-end software sales, and increased drilling activity. However, margins in the core fraccing division (C&P) slipped 33bps QoQ to 14.5%. Revenues were 6% ahead of consensus, with North America +7% QoQ and International +11% QoQ.Halliburton assists its customers throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion and optimizing production throughout the life of the asset. The company's segments are: Completion and Production, which delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift and completion products and services; and Drilling and Evaluation, which provides field and reservoir modeling, drilling, evaluation and wellbore placement solutions that enable customers to model, measure, drill and optimize their well construction activities.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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